Anti-Money Laundering & Counter-Terrorism Financing Compliance
Entities offering designated services under the Anti-Money Laundering ("AML") and Counter-Terrorism Financing ("CTF") Act 2006 are regarded as reporting entities and are obliged to implement and maintain an AML / CTF program. The first tranche of the legislation is in place and affects the financial services and gambling sectors. The implementation of the second tranche is yet to be finalised, however, it is intended to extend regulatory obligations to specified transactions conducted by a range of businesses and professions, including dealers in precious metals and stones, lawyers, accountants, real estate agents and trust and company service providers.
If reporting entities have not adopted and maintained an AML / CTF program, they cannot provide any designated services listed under the AML / CTF Act, for example making a loan in the course of carrying on a loans business. Non-compliance with AML / CTF obligations may result in criminal and/or civil penalties for individuals and businesses.
RSM Bird Cameron provides a range of services to assist AML / CTF reporting entities to improve their existing programs or provide independent assurance over their AML / CTF programs.
Anti-Money Laundering & Counter-Terrorism Financing Compliance
Focus Areas
- Review of Anti-Money Laundering ("AML") and Counter-Terrorism Financing ("CTF") programs
- Conducting AML / CTF Risk Assessments – assist you in performing your risk assessment to ensure that you are adopting a risk based approach to your AML / CTF obligations and minimising the cost of your business
- Policy and procedures – we have significant experience in the development of, or reviewing of policy and procedure to ensure compliance with legislation and industry accepted best practice
- Gap analysis – identifying gaps that exist with your current work practices and your AML / CTF obligations, in line with your AML / CTF risk assessment
- Monitoring and Reporting – assistance with implementing and/or reviewing monitoring and reporting processes
- Independent testing – of existing AML / CTF systems and processes in place for compliance with regulations
- Records Management – assistance in reviewing and/ or implementing records management processes to ensure compliance with AML / CTF obligations.
Download the Anti-Money Laundering & Counter-Terrorism Financing Compliance flyer.